China

BEIJING: China’s oil and natural gas exploration investment rose 12.6 percent during 2012-2016 period when compared with the previous five years, the Ministry of Land and Resources (MLR) said Tuesday. With the stable investment increase during the past five years, China saw continuous growth in oil reserves, according to Yu Haifeng, a MLR official. China has discovered more than 10 ... Read More »

BEIJING: China said on Thursday it will still allow imports of some kinds of steel and non-ferrous scrap as the world’s largest commodities consumer outlined the first concrete details of its plan to curb waste imports as part of its war on pollution. The Ministry of Environmental Protection (MEP) published a list of banned waste imports that excluded some scrap ... Read More »

BEIJING: Nepal and China have reached three different bilateral agreements to further bolster economic cooperation between the two countries. During the official meeting held between the two countries in Kathmandu on Tuesday in the presence of visiting Chinese Vice Premier Wang Yang and Deputy Prime Minister and Local Development Minister Bijaya Kumar Gachchhadar, Nepal and China signed Agreement on Economic ... Read More »

BEIJING: China’s energy consumption will peak at 4.06 billion tonnes of oil equivalent by 2040, state-owned oil major China National Petroleum Corp (CNPC) forecast on Wednesday, setting the ceiling at a later date and a higher rate than previously expected. The forecast was issued in CNPC’s annual long-term energy outlook. Last year’s research paper pegged the peak at 2035 and ... Read More »

BEIJING: China’s economy appears to be cooling again with the latest broad batch of data appearing to retrace much of momentum gained in recent months. The key monthly figures released by the National Bureau of Statistics show industrial production, fixed asset investment and retail sales all slipped back in July and were all lower than expected. Capital Economics China economist ... Read More »

BEIJING: Prospects for a new Central Asian gas route have resurfaced nearly five months after they were declared dead as China sends mixed signals about demand for the clean-burning fuel. In a surprise statement on July 25, a Tajik government official told reporters in Dushanbe that China’s work on a 1,000-kilometer (620-mile) pipeline from Turkmenistan through Uzbekistan, Tajikistan, and Kyrgyzstan ... Read More »

BEIJING: The Bank of China, along with other national and international banks, plans to open a branch in Gwadar, said Gwadar Port Authority Chairman Dostain Khan Jamaldini in a meeting with the president of the Summit Bank, ZaheerEsmail here on Thursday. MrJamaldini claimed that with the Gwadar Deep Seaport becoming operational, several of the country’s commercial banks were interested in ... Read More »

BEIJING: China’s fiscal revenue registered faster growth in July, the Ministry of Finance (MOF) said Friday. Fiscal revenue gained 11.1 percent year on year to 1.65 trillion yuan (nearly $250 billion) last month, up from the 8.9-percent growth in June, according to the MOF. Fiscal expenditure rose 5.4 percent year on year to 1.35 trillion yuan, slowing from the 19.1-percent ... Read More »

BEIJING: China’s overall vehicles sales grew 6.2 percent in July from a year earlier to 1.97 million vehicles, showing that the world’s largest auto market continues to rebound from the weakness it saw in April and May, the China Association of Automobile Manufacturers (CAAM) said on Friday. In June, vehicle sales volume rose 4.5 percent from a year earlier. It ... Read More »

BEIJING: The China-Switzerland agreement on mutual authorized economic operator (AEO) status will go into effect on September 1 to provide easier customs clearance for exporters, the General Administration of Customs said Thursday. Under the agreement, companies that obtain AEO status in the two countries will enjoy simplified customs procedures, such as reduced examination or prioritized clearance, when they export products ... Read More »

BEIJING: China’s General Administration of Customs reported that China’s crude oil imports were at 8.18 MMbpd (million barrels per day) in July 2017— 520,000 bpd or 6% lower than May 2017. China’s crude oil imports are at the lowest level since January 2017. Imports fell due to the decline in imports from Chinese refiners. Chinese refiners utilized the high Chinese ... Read More »

BEIJING: China’s consumer price index rose 1.4 percent in July from a year ago, missing estimates, the National Bureau of Statistics said Wednesday. Meanwhile, China’s producer price index rose 5.5 percent in July from a year ago. Analysts polled by Reuters expected consumer inflation to stay steady from June at 1.5 percent on-year while producer prices were also forecast to ... Read More »

BEIJING: China’s exports and imports grew much less than expected in July, raising concerns over whether global demand is starting to cool even as major Western central banks consider scaling back years of massive stimulus support. China and Europe have been driving an increasing share of global growth this year as political conflict stymies stimulus policies being pushed by US ... Read More »

OTTAWA: China and Canada have broadly agreed what should be included in a future free trade agreement, after a third round of “exploratory” talks. The two nations held intensive five-day negotiations in Beijing between July 31 and August 4. Both sides exchanged views on the joint feasibility study report and each other’s expectation on the future free trade agreement, and ... Read More »

BEIJING: China had a $25.2 billion trade surplus with the United States in July, down slightly from $25.4 billion in June, which was the highest since October 2015, customs data showed on Tuesday. China also recorded a $142.75 billion trade surplus with the U.S. for the first seven months of the year. U.S. President Donald Trump is believed to be ... Read More »

BEIJING: China’s exports and imports grew much less than expected in July, raising concerns over whether global demand is starting to cool even as major Western central banks consider scaling back years of massive stimulus support. China and Europe have been driving an increasing share of global growth this year as political conflict stymies stimulus policies being pushed by U.S. ... Read More »

BEIJING: China’s imported 19.46 million tonnes of coal in July, the lowest volume since February, data from China’s General Administration of Customs showed. For the first seven months, coal shipments were up 18.2 percent from the same period last year to 152.71 million tonnes, customs data showed. Read More »

BEIJING: The General Administration of Customs of China (GACC) cleared Philippine customs officials of involvement in the smuggling of P6.4 billion worth of shabu into the Philippines, the Bureau of Customs (BOC) said Sunday. In an emailed statement, the BOC said it received a letter from GACC’s International Enforcement Cooperation Division dated July 17, 2017 saying that there were no ... Read More »

BEIJING: Changzhou Youon Public Bicycle System is set to become the first listed bike-sharing company in China following a public float that aims to raise Rmb644.4m ($96m), valuing the company at $384m. Subscriptions for the offering, worth a quarter of the company, begin on Monday. The shares are being offered at Rmb26.85 each. Bike-sharing has boomed in China, with at ... Read More »